This means that utility tokens should not fulfill the fourth part of the Pacific Coast test, because at that time it is no longer the developer`s efforts that push the value or price of the token, but the market forces of supply and demand, since they relate to the project and the corresponding utility token. The exchange rate of the US dollar at the ETH is used to dynamically set the ETH rate at C20. Consequently, for the duration of the sale in C20, the purchase price of a C20 is set as the amount in EPF. (b) AGRI means ERC20-based tokens designed by the Seller for use on the BlockGrain platform called “AGRI”. Typically, SAFTs pass the Pacific Coast test for an investment contract. SATFs are intended to be sold to qualified investors as securities under a prospectus exemption (for example: The sale of C20 will take place for 45 calendar days and will end with Ethereum block number 4.675.526 (which is expected to be November 30, 2017) or when the C20 sales cap is reached….